贵航股份(600523) - 2022 Q2 - 季度财报

Definitions Definitions of Common Terms This section defines key terms, including company abbreviations, controlling shareholders, and subsidiaries, to facilitate understanding of the report - The reporting period refers to January 1, 2022, to June 30, 2022[9] - The company's controlling shareholder is China Aviation Automobile Systems Holding Co., Ltd. (AVIC Auto), and the ultimate controller is Aviation Industry Corporation of China, Ltd. (AVIC)[9] Company Profile and Key Financial Indicators Basic Company Information This section provides essential company details, including its names, stock code (600523), legal representative, and contact information - The company's full name is Guizhou Guihang Automotive Components Co., Ltd., with stock abbreviation Guihang Shares and stock code 600523[11][15] Key Accounting Data and Financial Indicators In H1 2022, the company's performance significantly declined, with revenue down 14.25% and net profit attributable to shareholders down 49.29%, impacted by consolidation changes and order reductions Key Accounting Data | Account | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,028,943,757.82 | 1,199,903,392.34 | -14.25 | | Net Profit Attributable to Shareholders of Listed Company | 43,702,762.06 | 86,188,618.54 | -49.29 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 37,096,711.64 | 75,682,438.64 | -50.98 | | Net Cash Flow from Operating Activities | 47,694,231.33 | 116,870,611.95 | -59.19 | Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.21 | -47.62% | | Basic EPS (Excluding Non-recurring Gains/Losses) (RMB/share) | 0.09 | 0.19 | -52.63% | | Weighted Average Return on Net Assets (%) | 1.61% | 3.28% | Decrease 1.67 percentage points | | Weighted Average RONAN (Excluding Non-recurring Gains/Losses) (%) | 1.36% | 2.88% | Decrease 1.52 percentage points | - During the reporting period, non-recurring gains and losses totaled RMB 6.606 million, primarily from fair value changes in transactional financial assets (RMB 6.347 million) and government grants (RMB 3.370 million)[19] Management Discussion and Analysis Industry and Principal Business The company operates in automotive components and aerospace products; H1 2022 saw a decline in automotive components due to the pandemic, while aerospace products grew strongly, with direct sales to major domestic manufacturers - The company's principal businesses are automotive components and aerospace products; in the first half, automotive components declined year-on-year due to the pandemic, while aerospace products developed rapidly[20][23] - The company's operating model primarily involves external procurement of raw materials based on customer plans, centralized production organized according to customer plans, and direct sales to original equipment manufacturers[20][21][22] Analysis of Core Competencies The company's core competencies include technology, product breadth, and cost advantages, allowing for stronger R&D than domestic peers and greater resilience with cost benefits over foreign competitors - Compared to domestic enterprises, the company possesses technological advantages, full industry chain capabilities, and the ability to co-develop with OEMs[24] - Compared to foreign enterprises, the company offers a comprehensive range of products, demonstrates strong resilience to market fluctuations, and benefits from labor and energy cost advantages due to its western location[24] Discussion and Analysis of Operations In H1 2022, total operating revenue decreased by 14.25% to RMB 1.029 billion, and total profit fell by 46.40% to RMB 58 million, with new energy vehicle orders showing strong 498% growth Key Operating Indicators | Indicator | H1 2022 (RMB billion) | YoY Change | | :--- | :--- | :--- | | Total Operating Revenue | 1.029 | -14.25% | | Total Profit | 0.058 | -46.40% | - New orders in the first half totaled RMB 1.22 billion, a 40% year-on-year increase; new energy vehicle orders reached RMB 729 million, growing by 498%, becoming a significant growth driver[27] - The company achieved cost reductions of RMB 56.7 million in the first half and reduced its supplier base by 25 to optimize costs and supply chain[26][27] Analysis of Key Operating Conditions This section analyzes the period's financial status, noting revenue, cost, and expense declines due to consolidation changes and order drops, a 4762.55% increase in long-term equity investments from Hande (China) capital injection, and completed restructuring and deregistration activities Analysis of Principal Business During the period, operating revenue decreased by 14.25% due to deconsolidation and order declines, sales expenses dropped by 59.21% from cost reclassification and efficiency, and operating cash flow fell by 59.19% due to reduced consolidation and orders Key Financial Data Changes | Account | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,028,943,757.82 | 1,199,903,392.34 | -14.25 | | Operating Cost | 793,792,131.73 | 902,562,097.01 | -12.05 | | Selling Expenses | 15,110,812.83 | 37,045,978.19 | -59.21 | | Net Cash Flow from Operating Activities | 47,694,231.33 | 116,870,611.95 | -59.19 | - The primary reasons for the decline in operating revenue were the completion of business registration changes for Hande (China), the deconsolidation of Chengdu Wanjiang, Shanghai Hongyang, and Hongyang Company, and a decrease in orders[30] Analysis of Assets and Liabilities At period-end, the asset and liability structure changed significantly; long-term equity investments surged 4762.55% to RMB 464 million due to Hande (China) capital injection, while receivables decreased from deconsolidation, and payables increased 73.70% due to adjusted payment terms - The year-end balance of long-term equity investments significantly increased by 4762.55% compared to the end of the previous year, primarily due to the company's increased capital contribution to its associate, Hande (China)[32] - Notes receivable and accounts receivable financing decreased by 34.63% and 75.23% respectively, primarily due to the reduction in the scope of consolidation[32] - Accounts payable increased by 73.70% compared to the end of the previous year, mainly because supplier payments shifted from advance payments to execution according to contract cycles[32] Analysis of Investment Status During the period, the company adjusted its equity structure, restructuring Yonghong Radiator into a wholly-owned subsidiary, completing related-party capital injections into Hande (China) with Guizhou Hongyang and Shanghai Hongyang equity, and liquidating Chengdu Wanjiang - The company increased its capital contribution to related party Hande (China) Automotive Sealing Co., Ltd. with its 100% equity in Guizhou Hongyang and 76.19% equity in Shanghai Hongyang, with business registration changes completed[34] - The company restructured Yonghong Radiator Company into a wholly-owned subsidiary and completed the liquidation and deregistration of Chengdu Wanjiang Automotive Components Co., Ltd[33][34] Analysis of Major Holding and Participating Companies During the period, Wanjiang Electromechanical and Huayang Electric were major net profit contributors, with RMB 33.5637 million and RMB 30.8202 million respectively, while Hongyang Company and Shanghai Hongyang's assets became zero due to equity capital injection Major Holding and Participating Companies Performance | Company Name | Main Products or Services | Total Assets (RMB 10k) | Net Assets (RMB 10k) | Net Profit (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | | Wanjiang Electromechanical | Aerospace products, automotive window regulators, etc. | 70,089.05 | 59,413.08 | 3,356.37 | | Huayang Electric | Aerospace electrical switches, control devices | 80,755.98 | 62,007.31 | 3,082.02 | | Hongyang Machinery | Aerospace seals, automotive seals | 14,099.58 | 12,176.39 | 1,074.45 | | Hongyang Company | Automotive sealing strip products | 0.00 | 0.00 | 11.28 | | Shanghai Hongyang | Automotive sealing strip products | 0.00 | 0.00 | 232.46 | Corporate Governance Shareholders' Meeting Information During the period, the company held 4 shareholders' meetings, including 1 annual and 3 extraordinary, approving key proposals like the annual report, profit distribution, and board elections - During the reporting period, 4 shareholders' meetings were held, approving important matters such as the '2021 Annual Report', 'Proposal for 2021 Profit Distribution', and the election of new directors and supervisors[39][40] Changes in Directors, Supervisors, and Senior Management During the period, significant senior management changes occurred; former Chairman Tang Haibin resigned, Mr. Lei Zili was elected new Chairman, and Mr. Li Guochun transitioned from director to Supervisory Board Chairman - Former Chairman Mr. Tang Haibin resigned due to age, and Mr. Lei Zili was elected as the new Chairman in January 2022[41] - Mr. Li Guochun resigned from his director position and was elected Chairman of the company's Supervisory Board in June 2022[42] Half-Year Profit Distribution Plan The company proposes no profit distribution or capital reserve conversion to share capital for H1 2022 - The 2022 half-year profit distribution plan is: no distribution, no conversion[43] Environmental and Social Responsibility Environmental Information The company prioritizes environmental protection; its subsidiary Guiyang Huake Electroplating, a key polluting entity, has comprehensive pollution control and emergency plans, conducts self-monitoring, received no environmental penalties, and plans to invest RMB 6.5 million in facility upgrades - Its subsidiary, Guiyang Huake Electroplating Co., Ltd., is a municipal key wastewater discharge monitoring enterprise, equipped with wastewater treatment and exhaust gas treatment facilities, connected to the provincial environmental protection information center to ensure stable compliance with discharge standards[45][46] - The company plans to invest RMB 6.5 million in technical upgrades for its subsidiary Huake Electroplating, enhancing production equipment and wastewater treatment facilities to protect the environment and prevent pollution[50] - The company continuously reduces carbon emissions and improves energy efficiency by promoting 'Green Aviation Industry' compliance and adopting new processes and equipment[51] Social Responsibility and Rural Revitalization In H1 2022, the company actively fulfilled social responsibilities and engaged in rural revitalization, supporting areas like Ziyun County, Guizhou, through cadre dispatch, poverty alleviation funds, consumer assistance, and party building partnerships - The company dispatched 2 resident cadres, 1 temporary deputy county head, and 2 volunteer teachers, deeply participating in rural revitalization[52] - In the first half, RMB 400,000 was invested in industrial projects and epidemic prevention in Ziyun County, and RMB 397,000 worth of local products were purchased through consumer assistance[52] - The company's 8 Party branches established party-building partnerships with 5 villages in Ziyun County, conducting comforting visits for struggling households and providing financial aid to impoverished students[53] Significant Matters Major Related Party Transactions During the period, the company completed major related-party transactions, primarily a capital injection into Hande (China) using subsidiary equity, and maintained deposit accounts with the group's finance company, with a period-end balance of RMB 50,057.70 - The company increased its capital contribution to related party Hande (China) Automotive Sealing Co., Ltd. with its 100% equity in Guizhou Hongyang and 76.19% equity in Shanghai Hongyang, with business registration changes completed in February 2022[60] - The company has deposit business with AVIC Industrial Group Finance Co., Ltd., with a daily maximum deposit limit of RMB 600 million and a period-end deposit balance of RMB 50,057.70[64] Share Changes and Shareholder Information Share Capital Changes During the reporting period, the company's total share capital and equity structure remained unchanged - During the reporting period, the company's total share capital and equity structure remained unchanged[67] Shareholder Information As of period-end, the company had 15,847 common shareholders; the top two, both state-owned entities under the same ultimate controller, held a combined stake exceeding 46% - As of the end of the reporting period, the company had a total of 15,847 shareholders[67] Top Shareholders | Shareholder Name | Shares Held at Period-End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Aviation Automobile Systems Holding Co., Ltd. | 149,623,188 | 37.01 | State-owned Legal Entity | | China Guizhou Aviation Industry (Group) Co., Ltd. | 37,524,155 | 9.28 | State-owned Legal Entity | | Guiyang Qingchangzai Asset Management Co., Ltd. | 16,000,000 | 3.96 | Unknown | | Guiyang Industrial Investment Group Co., Ltd. | 9,234,177 | 2.28 | State-owned Legal Entity | - The top two shareholders are related parties, belonging to the same ultimate controller, Aviation Industry Corporation of China, Ltd[70] Financial Report Financial Statements This section presents the company's unaudited H1 2022 consolidated and parent financial statements, showing total assets of RMB 3.304 billion, net assets attributable to parent of RMB 2.724 billion, operating revenue of RMB 1.029 billion, and net profit attributable to parent of RMB 43.7 million Consolidated Financial Highlights | Item | Period-End Balance/Current Period Amount (RMB) | | :--- | :--- | | Balance Sheet (Consolidated) | | | Total Assets | 3,304,096,518.95 | | Total Liabilities | 521,256,687.37 | | Equity Attributable to Parent Company Owners | 2,723,932,117.77 | | Income Statement (Consolidated) | | | Total Operating Revenue | 1,028,943,757.82 | | Net Profit Attributable to Parent Company Shareholders | 43,702,762.06 | | Cash Flow Statement (Consolidated) | | | Net Cash Flow from Operating Activities | 47,694,231.33 | Changes in Consolidation Scope During the period, the company's consolidation scope changed, adding Guizhou Yonghong Radiator (newly established) and deconsolidating Guizhou Hongyang, Shanghai Hongyang, and Chengdu Wanjiang due to equity capital injections and deregistration - Consolidation scope increased with the establishment of a new wholly-owned subsidiary, Guizhou Yonghong Radiator Co., Ltd[325] - Consolidation scope decreased: Guizhou Hongyang Sealing Co., Ltd. and Shanghai Hongyang Sealing Co., Ltd. are no longer consolidated due to equity capital injection into Hande (China)[325] - Consolidation scope decreased: Chengdu Wanjiang Automotive Components Co., Ltd. has been deregistered and is no longer consolidated[326] Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including 10 consolidated subsidiaries and equity method investments in Hongda Electric (30%) and Hande (China) (47.39%) - The company holds 10 subsidiaries, including Huayang Electric (100%), Wanjiang Electromechanical (100%), and Shanghai Yonghong (90%)[327] - The company holds a 47.39% equity stake in associate Hande (China), recognizing an investment loss of RMB 17.7042 million for the current period[226][332] - Among significant non-wholly-owned subsidiaries, Shanghai Yonghong, Guizhou Huachang, and Tianjin Daqi all achieved profitability during the reporting period[328][329] Related Parties and Related Party Transactions The company's ultimate controlling party is Aviation Industry Corporation of China, Ltd.; during the period, frequent related-party transactions occurred with group affiliates for goods and services, and significant deposit balances were maintained with AVIC Industrial Group Finance Co., Ltd - The company engaged in significant related-party transactions with entities belonging to Aviation Industry Corporation of China, Ltd., including purchases of RMB 44.42 million and sales of RMB 310 million[352][353] - The company signed a 'Financial Services Agreement' with AVIC Industrial Group Finance Co., Ltd.; as of the end of the reporting period, its deposit balance with the company was RMB 501 million, accounting for 95.69% of the company's monetary funds[354] Events After the Balance Sheet Date This section discloses the company's profit distribution, with the board resolving a cash dividend of RMB 1.33 per 10 shares (tax inclusive) for FY2021, totaling RMB 53.7734 million - The company's board of directors approved the 2021 profit distribution plan, proposing a cash dividend of RMB 1.33 per 10 shares (tax inclusive), totaling RMB 53,773,405.56[360] Supplementary Information This section provides supplementary financial information, including non-recurring gains/losses, return on net assets, and earnings per share; net profit excluding non-recurring gains/losses was RMB 37.097 million, with a weighted average return on net assets of 1.36% and basic EPS of RMB 0.09 Non-recurring Gains/Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -893,585.61 | | Government Grants Recognized in Current Profit/Loss | 3,369,562.88 | | Gains/Losses from Fair Value Changes of Transactional Financial Assets, etc. | 6,347,417.73 | | Other Non-operating Income and Expenses Apart from the Above | -760,235.22 | | Total Non-recurring Gains/Losses | 6,606,050.42 | Net Assets Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.61 | 0.11 | | Net Profit Attributable to Ordinary Shareholders of the Company (Excluding Non-recurring Gains/Losses) | 1.36 | 0.09 |